| A | B |
|---|
| Acceptance | Unqualified willingness to go along with offer |
| Aliens | People who are living in this country but owe allegiance to another |
| Benefit | Something that a party was not previously entitled to |
| Bilateral Mistake | Mistake by two parties |
| Capacity | Legal ability to enter into a contract |
| Consideration | Exchange of things of value |
| Counteroffer | Exchanging terms of initial offer |
| Detriment | Any loss suffered |
| Duress | Overcoming a person's will by force |
| Economic Duress | Threats to another person's business |
| Forbearance | Not doing something you have a legal right to do |
| Fraud | Deliberate deception to secure an unfair gain |
| Genuine Agreement | Valid offer met by valid acceptance |
| Gratuitous | Free agreements |
| Interest | Fee owed to borrower |
| Legality | Contract must not violate statutes |
| License | Legal document giving permission to do something |
| Minor | Not reached legal age of capacity |
| Mirror Image Rule | Acceptance must not change terms of offer |
| Misrepresentation | Untrue statement of facts |
| Necessaries | Necessities |
| Offer | Proposal of one party to another |
| Promissory Estoppel | A promise envorceable without consideration |
| Ratify | Approve |
| Rejection | Refusal of offer |
| Rescind | Cancel |
| Restrictive Covenant | A promise not to compete |
| Revocation | Taking back offer |
| Unconscionable | Great inequality |
| Undue Influence | Unfair persuasive pressure on another person |
| Unilateral Mistake | Error by one of the parties |
| Usury | Charging more than maximum legal interest rate |
